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To: Jim Willie CB who wrote (2622)	1/14/2003 9:06:35 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

Gold Lower but Close to 6-Year Highs Tue January 14, 2003 05:54 AM ET >>The dollar EUR= JPY= extended losses against major currencies, falling to a four-month low against the yen as investor nervousness grew about the state of the U.S. economy ahead of key U.S. retail sales data.<< LONDON (Reuters) - Gold fell in European trading but investor jitters surrounding a possible war in Iraq and fresh weakness in the dollar kept the safe-haven metal close to its highest level in nearly six years on Tuesday. Spot gold XAU= was quoted at $353.60/354.35 an ounce by 5:42 a.m. EST, compared with New York's last quoted $354.50/355.10 but still in sight of last week's near six-year traded high of $356.50. The session's losses were tied to falling oil prices OILOIL which reduced interest in gold as a protection policy against inflationary pressures due to higher energy prices. But renewed dollar weakness and prospects for war in Iraq underpinned the metal, analysts said. "Gold should continue $348-357 for the moment with intra-day day direction coming from the funds and the dollar," said James Moore, metals analyst at TheBullionDesk.com. "Ultimately I would look for a test higher again, with the war premium firmly underpinning the market around $345, as the prospect of a U.S./Iraq war and ongoing tensions between U.S./North Korea remain high," Moore said. Bullion was set or "fixed" on the London morning session at $353.75 a troy ounce, up from the previous fix of $352.55. The dollar EUR= JPY= extended losses against major currencies, falling to a four-month low against the yen as investor nervousness grew about the state of the U.S. economy ahead of key U.S. retail sales data. The dollar also lost half a percent against the euro, trading near a three-year low around $1.06. It was down a third of a percent against the Swiss franc and sterling. "Further strength of the euro is providing support and limits the downside in a highly uncertain macro and political environment," said Barclays Capital in a market note. Traders will be monitoring the release at 1330 GMT of U.S. December retail data. Economists polled by Reuters see the figure excluding autos to have grown by a paltry 0.2 percent, compared with a rise of 0.5 percent in November. Weaker-than-expected figures could see the dollar wobble back down to recent three-year lows against the euro, enhancing bullion buying power for European investors. "With the dollar looking anemic and geopolitical tension continuing to build we continue to favor a move higher in the metal over the next few weeks," said John Reade, metals analyst at UBS Warburg. reuters.com

To: Jim Willie CB who wrote (2622)	1/14/2003 9:33:01 AM
From: 4figureau	Read Replies (2) \| Respond to of 5423

Bear Roundup: The dollar: what goes up... - Economist (1/13/2003 3:55 PM) economist.com Venezuelan Central Bank Raises Discount Rate to 42% By Alex Kennedy and Peter Wilson Caracas, Jan. 13 (Bloomberg) -- Venezuela's central bank raised its benchmark interest rate to an eight-month high to brake a 12 percent decline in the currency this month, as a nationwide strike spurs demand for dollars. The central bank raised the discount rate, the rate at which it provides short-term loans to commercial banks, to 42 percent from 40 percent, the bank said on its Web site. The bank last raised the discount rate on Oct. 1. quote.bloomberg.com London's 1 Million-Pound Homes Lose Value as Jobs Cut (Update2) By Linda Sandler London, Jan. 14 (Bloomberg) -- Prices for London homes worth more than 1 million pounds ($1.6 million) are declining by at least 10 percent as bankers lose jobs and see their bonuses cut, according to real-estate agents. Asking prices may fall another 20 percent in districts such as Kensington and Chelsea in the next nine months, said Adrian Owen, a director at real-estate agent Hamptons International. Investment bankers favor the Kensington area, home to actors such as Hugh Grant. ``In blue-chip boroughs, prices outgrew themselves'' after rising as much as 60 percent in three years, Owen said. ``The slide in London will reduce the level of consumer confidence in the rest of the country,'' he said. quote.bloomberg.com Mexico's peso hits four-year low Moves to quell Mexican inflation have prompted a decline in the peso to a four year low against the US dollar. Mexico's central bank, the Banco de Mexico, on Friday surprised financial markets by tightening monetary policy for the third time since September. news.bbc.co.uk China attracts record investment China attracted a record $52.7bn (£32.9bn) in foreign direct investment in 2002, but investment growth has slowed down from the previous year. Investment in the world's most populous country slowed to 12.5%, from 14.9% in 2001, after tailing off at the end of the year, the ministry of foreign trade said. news.bbc.co.uk Has the mutual fund industry betrayed investors? - Fortune (1/13/2003 3:58 PM) fortune.com Dollar Under Pressure Amid Economic, Geopolitical News Tuesday January 14, 9:23 am ET NEW YORK -- The dollar was under pressure against its major rivals Tuesday in New York, as a variety of events failed to challenge the overall bearish sentiment hurting the dollar currently. In morning trading, the euro was at $1.0585, up from $1.0541 late Monday in New York. The dollar was trading at 117.69 yen, down from 118.85 yen late Monday. Against the Swiss franc, the dollar was valued at 1.3800, down from 1.3862, while sterling was trading at $1.6105, up from $1.5996 Monday in New York. biz.yahoo.com